Biden, Yellen Won't Rule Out Declaring Debt Ceiling Unconstitutional

Can the president declare the debt ceiling unconstitutional? If Democrats and Republicans don't reach a resolution on raising the government's borrowing limit, the U.S. could have to start defaulting on some payments as soon as June. Rather than compromise with their conservative counterparts to resolve this situation, some Democrats want to declare the debt ceiling itself unconstitutional.

Unilaterally casting aside government borrowing caps like this would have profound and disastrous effects. But that's the sorry point we've reached in these negotiations.

In April, House Republicans passed a bill to raise the debt ceiling—which already stands at $31.4 trillion—in exchange for freezing spending at 2022 levels for a while and rolling back some Democratic initiatives. President Joe Biden and his allies would prefer to raise the debt limit without conditions.

To resolve the standstill, some progressives are now pinning their hopes on the 14th Amendment. It says "the validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."